27. Adjusting Accounts Using the Financial Statement Effects Template (FSET) Selected accounts of ldeal Properties, a real estate management firm, are shown below as of January 31 before any adjusting entries have been made. Monthly financial statements are prepared. Using the followieg information, report the adjusting entries necessary on January 3 I using the fiaancial statements effect template. 1. Prepaid Insurance represents a three-year premium paid on January 1 . 2. Supplies of $1,275 were still available on January 31 . 3. Office equipment-purchased on January 1 - is expected to last eight years. 4. On January 1, Ideal Properties collected six months' rent in advance from a tenant renting space for $1,310 per month. 5. Acerued employee salaries of $735 have not been recorded as of January 31